CGS Malaysia supports WCT's RM560mil listing of Paradigm Reit
KUALA LUMPUR: CGS International Securities Malaysia says it has completed its role as joint bookrunner and underwriter for Paradigm Real Estate Investment Trust's RM560 million initial public offering (IPO).
Paradigm Reit's IPO, in conjuction with its listing on the Main Market of Bursa Malaysia, raised RM560 million in gross proceeds for its sponsor WCT Holdings Bhd.
This marks the largest Malaysian Reit IPO in over a decade and represents one of the largest listings on the local bourse so far this year, CGS Malaysia said.
The company said the IPO's 560 million units on offer were priced at RM1.00 per unit with an indicative distribution yield of 7.16 per cent in 2025.
"Paradigm Reit saw positive institutional demand, with the full subscription of the institutional tranche of 426.59 million units, including reallocated units from the retail portion, amid challenging market conditions.
"The completion of Paradigm Reit's IPO highlights the enduring quality of its RM2.4 billion portfolio of retail assets across key population centres in West Malaysia," it said.
The assets are Bukit Tinggi Shopping Centre, Paradigm Mall Petaling Jaya and Paradigm Mall Johor Bahru.
"The Reit's portfolio boasts full or near-full occupancy and a diversified tenant mix, combined with WCT's backing as its sponsor, serves as a solid foundation for the Reit's long-term performance," said Alan Inn, deputy chief executive officer of CGS Malaysia.
"The success of Paradigm Reit's IPO underscores the resilience and depth of Malaysia's equity capital markets, and reaffirms our commitment to supporting corporate development and fundraising initiatives in Malaysia," he added.
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